Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 73
In any of the following circumstances, the FSC may reject a filing for issuance of new shares as stock dividends or capital reduction by a public company:1. The attesting CPAs issue an adverse opinion or disclaimer of opinion in the audit report.2. The attesting CPAs issue a qualified opinion in the audit report, and such qualified opinion has an impact on the fairness of presentation of the financial reports.3. The Case Review Form prepared by the issuer and reviewed by the attesting CPAs reveals any violation of laws or regulations or the articles of incorporation, where the violation is serious.4. Any of the following circumstances exist with respect to a report of capitalization of earnings:A. The balance after statutory allocation of special reserves from undistributed earnings in accordance with paragraph 1 of Article 41 of the Act is inadequate for distribution.B. The exchange-listed or OTC-listed company fails to prescribe a concrete dividend policy in the articles of incorporation.C. Material failure by an exchange-listed, OTC-listed, or emerging stock company to establish a remuneration committee pursuant to paragraph 1 of Article 14-6 of the Act or material failure to comply with laws or regulations applicable thereto.5. A capitalization of capital reserves has been reported, and one of the following circumstances exists:A. Losses have been incurred in the most recent 2 consecutive years.B. A provision in Article 72-1 has been violated.6. Failure to adopt an electronic means as one of the methods for exercising voting power pursuant to Article the proviso to paragraph 1 of 177-1 of the Company Act.7. Violation of or failure to fulfill commitments made at the time of application for listing or trading at the business places of securities firms, where the circumstances are serious.8. The FSC discovers any violation of laws or regulations, where the circumstances are serious.9. Other circumstances as deemed necessary by the FSC to protect the public interest.
中文原文 發行人募集與發行有價證券處理準則第73條
公開發行公司辦理無償配發新股及減少資本，有下列情形之一，本會得退回其案件：
一、簽證會計師出具無法表示意見或否定意見之查核報告者。
二、簽證會計師出具保留意見之查核報告，其保留意見影響財務報告之允當表達者。
三、發行人填報、簽證會計師複核之案件檢查表，顯示有違反法令或公司章程，情節重大者。
四、申報盈餘轉作資本案件，有下列情事之一者：
（一）未分配盈餘扣除應依本法第四十一條第一項規定提列之特別盈餘公積後餘額不足分派。
（二）上市或上櫃公司未於章程中明訂具體之股利政策。
（三）上市、上櫃公司或興櫃股票公司未依本法第十四條之六第一項規定設置薪資報酬委員會或未依相關法令規定辦理，其情節重大。
五、申報資本公積轉作資本案件，有下列情形之一者：
（一）最近連續二年有虧損之情事。
（二）違反第七十二條之一規定。
六、未依公司法第一百七十七條之一第一項但書規定將電子方式列為表決權行使管道之一者。
七、違反或不履行申請股票上市或在證券商營業處所買賣時之承諾事項，情節重大者。
八、經本會發現有違反法令，情節重大者。
九、其他本會為保護公益認為有必要者。
一、簽證會計師出具無法表示意見或否定意見之查核報告者。
二、簽證會計師出具保留意見之查核報告，其保留意見影響財務報告之允當表達者。
三、發行人填報、簽證會計師複核之案件檢查表，顯示有違反法令或公司章程，情節重大者。
四、申報盈餘轉作資本案件，有下列情事之一者：
（一）未分配盈餘扣除應依本法第四十一條第一項規定提列之特別盈餘公積後餘額不足分派。
（二）上市或上櫃公司未於章程中明訂具體之股利政策。
（三）上市、上櫃公司或興櫃股票公司未依本法第十四條之六第一項規定設置薪資報酬委員會或未依相關法令規定辦理，其情節重大。
五、申報資本公積轉作資本案件，有下列情形之一者：
（一）最近連續二年有虧損之情事。
（二）違反第七十二條之一規定。
六、未依公司法第一百七十七條之一第一項但書規定將電子方式列為表決權行使管道之一者。
七、違反或不履行申請股票上市或在證券商營業處所買賣時之承諾事項，情節重大者。
八、經本會發現有違反法令，情節重大者。
九、其他本會為保護公益認為有必要者。